Anxious investors are unhappy with the lack of progress developers have made in turning Bristol's Grosvenor Hotel in the Temple Quarter into student flats and are planning on asking for their money back

Almost a year later the building remains untouched with some investors saying they are now eager to cancel their contract at the first opportunity they have - which will be at the end of this month (September 2018).

This image was taken in February 2017, while the development was meant to be completed in October the previous year

One investor from Bristol, James, said he has instructed his lawyers to set that in motion.

Given the location of the proposed development, at the heart of Bristol’s Temple Quarter Enterprise Zone, hundreds of people took up the opportunity, including a number of families who thought it a good place for their child to live when they go off to university.

Illustration from the developers of what the Grosvenor Hotel Student Accommodation should look like when complete

But, as two years has almost passed, more and more concerns have been raised about the validity of the project, according to investors.

Pictures taken of the building in April show no work has been carried out yet

However, people visiting the site could see the building remained empty with pictures taken from the inside the old hotel in April showing it to be untouched and still being held up with temporary scaffolding.

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This became a worry for property investment firms and estate agents who were selling the development, many of which took down advertisements for the site months ago, a number claiming they too are owed money by the developers.

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More recently, the company’s director Jonathan England resigned from the post, being replaced by a 25-year-old Indian national called Arjun Khadka.

The only correspondence obtained from Mr Khadka was sent to investors' lawyers at the end of July. The email, seen by Bristol Live says Mr Khadka wants to now complete the project and make it a success, saying he does not want there to be any more delays.

A floor plan of student flats given to buyers

He adds he is now in the process of completing the purchase of the property’s freehold from current owners Earlcloud Ltd, and intends to visit the country in early October.

However, the end of September 2018 signals the ‘longstop’ date on the developers contract with its investors.

The new director says he plans to go ahead with the development, but it could be too late for some investors

What that means is, come September 30, people will be able to formally withdraw from the project and ask for their money back given that no progress has been made.

One investor from Bristol, James, said he wants cancel his contract at the earliest opportunity.

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He said: “I don’t trust them, whoever they are, I want my money back. Jonathan England sold the company to someone new and the new person claims they want to proceed with the development. But I doubt they will and hope I can get my money back at the end of this month which is the long stop date from the contract.”

Property investment companies such as One Investments and Stasia Capital say they are now doing everything in their power to help their clients, they say.

A spokesperson for One Investments said: “We are owed a significant amount from the developer, over £150k, and are doing all we can in order to gain results for our clients and our company.”

The longstop date on the contract is at the end of this month

The investors and property agents have had the most contact with is Mr Sajiv Varma who says he is a consultant to the development company.

Mr Varma said: “Mr Khadka is very keen to complete this project and is looking to inject the money required to complete this project. He is expected in the UK towards the end of this month or early Oct and will be meeting with solicitors, contractors, professionals & agents/purchasers to outline his plans. He is the owner of the company and no doubt has his vision set out.

“As previously said I am still a consultant - with the scope of the work assigned to me - as my contract is with the company and not it's previous owners - when Mr Khadka is in UK , I intend to meet with him to review my consultancy role,” he added.

Last month, fire crews had to rescue two police officers and three teenagers from the roof of the derelict Grosvenor Hotel (Image: Temple Fire Station)

A Bristol City Council spokesperson said: “The council and its partners are committed to the regeneration of the Temple Quarter district, with the aim of delivering thousands of new homes and jobs for local people.

“We have no interest in seeing a building in this key gateway location lie derelict. There are currently no ongoing discussions with any potential developer regarding the use of the building for student accommodation.